JP Morgan Chase 2008 Annual Report Download - page 34
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32
2008 Highlights and Accomplishments
•Became the nation’s leading MasterCard
and Visa issuer with the acquisition of
WaMu.
• Added 14.9 million new Visa, MasterCard
and private label credit card accounts
(excluding WaMu).
• Renewed relationships with several
top card partners, including AARP,
Continental Airlines, The Walt Disney
Company, Marriott International and
United Airlines.
• Continued to drive improvements in
acquisitions through the retail bank net-
work, resulting in a 14% year-over-year
increase of credit cards sold.
• Increased year-over-year charge volume
by more than $14 billion in extremely
challenging economic environment for
U.S. consumers.
• Increased net revenue by 8% and grew
managed loans by 3% (excluding WaMu)
while investing in activities to attract
new customers and further engage
current cardmembers.
• Acquired complementary merchant
acquiring business through the termina-
tion of the Chase Paymentech Solutions
joint venture.
• Expanded non-U.S. presence by launch-
ing partner card programs in Canada
and establishing a joint venture with
Ixe Banco in Mexico.
• Continued improvements in risk
management, customer satisfaction,
and systems and infrastructure.
Card Services offers customers
clear and simple tools, resources
and business practices designed
to help customers avoid fees,
maintain their best interest rates
and more effectively manage their
credit card accounts.
Chase Card Services is one of the
nation’s largest credit card issuers
with more than 168 million credit
cards in circulation and over
$190 billion in managed loans.
Customers used Chase cards to
meet more than $368 billion
worth of their spending needs
in 2008.
Chase has a market leadership
position in building loyalty and
rewards programs with many of
the world’s most respected brands
and through its proprietary
products, which include the Chase
Freedom program. Through its
merchant acquiring business,
Chase Paymentech, Chase is one
of the leading processors of
MasterCard and Visa payments.
Card Services